Property News in the UK

Property may slump next year

2007-04-02T13:22:00.000Z

House prices could tumble sharply in 2008, experts warned last night. They claimed rising prices have left the housing market at its most overvalued for 15 years, meaning a growing number of people are unable to get a foot on the property ladder.

The report by Lombard Street Research for The Daily Telegraph showed that house prices across the country are rising much faster than wages.

This means that affordability - a comparison of house prices and mortgage costs with incomes - has dropped by 7%over the past year.

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House prices cool as the interest rate squeeze bites

2007-04-02T13:12:00.000Z

The house price boom which began more than a decade ago may be finally coming to an end, the country's biggest building society said yesterday.

The Nationwide said property values are 'clearly softening' - a warning to those buying homes at today's record levels.

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Shortage pushes homes up £3,500

2007-03-12T10:37:00.000Z

A continuing shortage of homes for sale in high-cost areas helped push house prices up by more than £3,500 in February.

The lack of properties available for househunters, especially in London and the South East, has made market conditions the tightest in two years, according to Halifax - driving up the price of both family homes and first-time buyer properties.

Britain's biggest mortgage lender said that the cost of the average home leapt by 1.8% in February to reach £192,233, with the annual increase in prices remaining at 9.9%.

Property repossessions soar

2007-01-31T11:58:00.000Z

The number of families suffering the misery of mortgage repossession and the threat of homelessness has risen sharply.

Figures published today by the Council of Mortgage Lenders (CML) reveal homes taken into possession by mortgage lenders shot up from around 10,300 in 2005 to 17,000 in 2006.

The CML said the rise was partly due to the financial impact of reaching the end of fixed-rate mortage deals, but mostly because of the growth in lending to people with poor credit records, where arrears and possession rates are higher.

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Will your home sell in 2007?

2007-01-12T14:10:00.000Z

Making predictions can be a dangerous game and if there's one topic that divides opinion it is the property market.

Last year, many of Britain's housing market experts called only modest increases for 2006, of between 1% and 4%. But it wasn't long before the London-led property revised forecasts.

Similarly, armchair pundits who had suggested doom and gloom were left stranded by reports that prices were rising rapidly. The general consensus among the major house price reports was that prices ended up rising by an average of around 9% in 2006.

But what will happen in 2007 and will your home sell?

This is Money has rounded up the main forecasts and run the rule over them.

Click here to find out more >>>

Land Registry: House price growth calms in November

2007-01-03T09:30:00.000Z

House prices "continued to rise steadily" going up 0.6 per cent in November, official government figures reveal.

Data from the Land Registry out today finds the average property in England and Wales cost £172,006 in November, going up 6.8 per cent in the 12 months since November 2005.

"After robust growth in September and October, the November monthly growth rate reflects a calmer market," the Land Registry states. "However, the growth rate remains firmly positive. The November monthly growth rate of 0.6 per cent is approximately twice the size of the average monthly growth in 2005."

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Nationwide in 'amazing' U-turn

2006-12-04T14:40:00.000Z

Nationwide has been accused of an 'amazing' U-turn over its promise to offer new and existing customers the same mortgage rates.

Britain's biggest building society has been running a major advertising campaign mocking rival banks that refuse to offer existing customers a fair deal.

But in a surprise move, Nationwide has announced that from December existing customers remortgaging will pay 0.1% to 0.25% more than first-time buyers or customers moving home.

House prices continue upward move

2006-11-17T13:30:00.000Z

UK house price inflation picked up in September, according to the Department of Communities & Local Government.

Prices rose by 0.8% in September, pushing the annual rate of house price inflation up from 7.7% to 8%. The cost of the average UK property rose from £197,631 to £198,552 between August and September, the DCLG said.

Annual house price inflation rates rose in England, Scotland and Wales, but fell slightly, from a very high level, in Northern Ireland.

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North leads the way as property prices keep on soaring

2006-11-17T13:15:00.000Z

Land Registry figures see sales up by a quarter

Average cost in England and Wales is £199,184

Property prices rose at their strongest rate since the beginning of 2005 in the latest quarter, increased by 7.7% from a year ago, while the number of sales was up by almost a quarter, the Land Registry reports today.

The renewed strength in house prices this year is thought by economists to be a significant reason behind the Bank of England's interest rate rise last week which took the base rate up to 4.75%.

Watch the 125% mortgage trap

2006-11-17T13:11:00.000Z

First-time buyers taking huge mortgages that are larger than the value of their home could wait five years before they break even.

And if house prices do not continue to rise at their current rate buyers risk being trapped in their home by negative equity for years.

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Home information packs trial begins

2006-11-06T13:04:00.000Z

A trial of home information packs (Hips) aimed at reducing the number of collapsed house sales began today, despite resistance from parts of the property industry.

The packs, which will become mandatory from June 2007, will provide potential homebuyers with up-front information and an energy efficiency report on a house.

They are aimed at speeding up the homebuying process and cutting the number of transactions that fail late in the day.

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London homes distort prices

2006-10-30T13:27:00.000Z

Rapidly rising London house prices are distorting the nation's property market, according to new figures released today.

Independent property research firm Hometrack said house prices were growing at their fastest level for two years – but a lack of homes for sale and robust demand in the capital was driving the mini-boom.

The Hometrack study for October showed that the cost of the average home grew by almost £700, or 0.4%, during the month to reach £168,600. The value of London homes rose by almost 1% during the month, leaving the average property costing £287,600 - £2,560 more than in September.

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Property 'out of reach' for many

2006-10-30T13:11:00.000Z

More than 17 million people can not afford or do not want to own a property, research has suggested.

Lack of cash was the predominant reason given for renting rather than owning a home, followed by a desire not to financially over-commit.

The next most common reason for shunning property ownership was people banking on house prices falling soon.

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More mates sharing dreams of home

2006-10-16T14:36:00.000Z

With house prices continuing to defy gravity, growing numbers of financially-stretched young professionals are clubbing together to join the home-owning classes.

Many seem to have taken the view that a toe on the property ladder is better than nothing, and we are now seeing the emergence of a new breed of home loan to cater for this need.

These so-called group mortgages - perhaps they should be dubbed "mates mortgages" or "This Life loans" after the cult BBC2 house-sharing show - typically allow up to four people to buy together, and take everyone's incomes into account when calculating how much they can borrow. They might be former university mates, a group of friends who work together, or siblings.

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Navigating the mortgage maze

2006-10-16T14:26:00.000Z

The battle for Britain's homeloans has stepped up a gear, but while borrowers have never had so much choice the homeloans market has never been more complicated.

In a bid to keep up with the competition for eye-catching interest rates, more often banks and building societies will try to claw money back via higher fees and charges.

The average fixed-rate mortgage arrangement fee rose by 22% over the past year to £494 according to price comparison site Money Expert. And exit fees, which typically stood at around £75, have in many cases risen to more than £200.

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The eternal mortgage trap

2006-10-11T14:00:00.000Z

Millions of borrowers are heading for a retirement haunted by debt - because they have failed to pay off their mortgages in time. Around 70% of homebuyers start with a traditional 25-year mortgage. But with the average borrower now remortgaging every five years and one in three increasing the loan term at the same time, homeowners are running the risk of never clearing the debt and paying thousands of pounds in extra interest.

Research by comparison website moneysupermarket.com suggests that the majority of borrowers increase the term of their mortgage to reduce monthly payments - often because at the time of remortgaging they are also increasing the size of their mortgage because they have moved to a bigger home or are consolidating other debts. But some borrowers simply do it to keep down costs and experts say this is an expensive error.

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Over half of first-time buyers pay stamp duty

2006-10-11T13:53:00.000Z

More than half of first-time buyers paid stamp duty on their new properties as house prices continue to rise, the Council of Mortgage Lenders said today.

The proportion of people buying their first home who paid the tax has risen to 56%, up from 48% a year ago, while this year only 15% of home movers did not pay stamp duty.

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The history of your house

2006-10-04T14:16:00.000Z

Have you ever wondered who lived in your house before you? Piecing together the history of where they live has become increasingly popular among homeowners following the surge in interest in tracing family trees over the past decade.

Discovering the tale behind a property can be a major selling point, with prospective buyers likely to be drawn to your home if you can tell them a bit more about its past.

Top tips to sell your house

2006-09-27T12:48:00.000Z

Experts are predicting a bumper homebuying season this autumn as owners decide to take advantage of buoyant demand and plot their next move. And for those looking to steal a march on their home-selling rivals there are a handful of steps that will help woo potential buyers.

Go for a quick fix

Before you put your home on the market have a good look around. What are all the things that you've been meaning to do, but have not got round to? If the bathroom needs painting, the wardrobe door is broken, or the curtains need cleaning then do it now.

For more tips click here >>>

House prices up £20,000 on year

2006-09-18T14:35:00.000Z

The cost of the average home in Britain has risen by nearly £20,000 in a year. Prices have shot up by 10% over the last 12 months.

Average asking prices are now £215,000, compared with £195,500 in September last year, according to property website Rightmove.

In London, the price rise has been even more dramatic, going up more than £9,000 in just one month, equal to more than £2,200 per week.

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Property rises at two-year high

2006-09-15T08:40:00.000Z

The traditional August lull failed to deter homebuyers who sent prices rising at the swiftest rate since May 2004.

The latest report from the Royal Institution of Chartered Surveyors (Rics), released today, shows buyers ignored last month's interest rate rise and the summer holiday period in their quest to find a new home.

Rics' report is keenly watched by the property industry and economists as it is judged to be one of the most accurate house price studies.

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House prices continue to climb

2006-09-11T11:46:00.000Z

A HIKE in the cost of borrowing in August failed to dent demand for homes, according to the latest survey from Halifax.

The mortgage lender said average prices rose 1% in August. The Bank of England put up the base rate from 4.5% to 4.75% at the beginning of August.

The increase left the annual rate of inflation at 8.2%, but the lender said the underlying picture suggested price growth was more moderate.

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First-time buyers face impossible task

2006-09-01T13:38:00.000Z

Young people trying to buy their first home face the worst crisis for more than two decades, experts warned today. The news comes as property prices rise faster than anybody expected, with the average asking price for a home now £215,000.

In a further blow, the Royal Institution of Chartered Surveyors said the situation will get worse. First-time buyers who do manage to buy their own home must be richer and older than in the past, according to the RICS.

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UK homes experts have the following advice

2006-08-21T12:53:00.000Z

Before you buy a new home it pays to go for a walk in the area, rather than just turning up in a car for a viewing and then driving away afterwards.

Find out what facilities and services there are within a 10-minute walk from the property, such as shops, supermarkets, schools, restaurants and public transport. New homes near to successful schools, particularly, will always be sought after, and therefore will command a higher price. Look too for areas where transport links are being improved.

Read local newspapers to get information about specific areas. This will help you identify areas undergoing regeneration and find out where new jobs are being created – both factors likely to push up house prices.

Consider what people are looking for when buying new homes. It may be a cliché, but if there is a trendy coffee shop or bar opening in the neighbourhood it has been identified as a growth area. The same applies to supermarkets, so visit their websites to see where they are opening new stores.

Proximity to property hotspots can also be an advantage as it may have a knock-on effect on house prices in other areas.

Other signs of a district on the up are skips in front gardens and on roadsides – indications that householders are carrying out home improvements such as loft conversions and new kitchens.
You could also check with the local council if it plans to impose parking restrictions. Residents-only parking is very desirable and can attract buyers to an area.

Buying a new home - How to get started

2006-08-21T12:44:00.000Z

There are thousands of new homes for sale. Your new house is out there somewhere. But how do you go about buying a new property if you have never done it before?

New properties are springing up all the time but not all new houses will meet your requirements.

Here a a few tips on buying a new home.

Decide on your budget. Then ask yourself where you want to live. Do you want to live in a town or a village? How big a house do you want? A property development in a rural location may be beyond your means, unless the property developers are building starter homes. Many UK homes and properties are built on brownfield sites in towns. UK property developers will often offer good deals on new homes in towns and cities.

For more tips on buying a new home click here >>>

Homebuying is hotter than July

2006-08-21T08:06:00.000Z

Summer homebuyers continue to set new borrowing records, taking out £30.4bn worth of mortgages in July – almost a fifth more than a year earlier.

Mortgages taken out in July slipped 6% below June's record figure of £32.4bn, according to figures released today by the Council of Mortgage Lenders (CML), but still managed to set a new record for the month.

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Homebuying is hotter than July

2006-08-21T08:03:00.000Z

Property of the week

2006-08-10T08:13:00.000Z

I havn't posted a property of the week for a long time, but here is my choice for today.

A three bedroom semi-detatched house in Birchington, Kent, £225,000

Located within easy walking distance of Beresford Gap the property comprises to the ground floor kitchen/diner, lounge, conservatory, playroom/family room, study, utility room and cloakroom. Three bedrooms and bathroom to the first floor complete the accommodation which is tastefully presented. Birchington has much to offer, from local amenities in the village centre, to glorious sandy beaches and cliff top walks. A mainline rail link to London and direct access to the Thanet Way together with a good selection of local Junior & Senior schools make this property a must.

Click here for more properties like this >>>

£30,000 income for first home

2006-08-10T08:01:00.000Z

First-Timers have made a substantial return to the property market with more novice buyers taking out a homeloan than at any time since December 2002.

But single new homeowners are being priced out of the market due to the need to earn more than £50,000 in London and almost £30,000 elsewhere.

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The C Channel Network

2006-08-09T13:03:00.000Z

The C Channel is building a multi-interest website that brings together 3 distinct sites - Travel, Shopping and Weddings. Each one features articles, destination profiles, vendor profiles and a whole load of new tools to attract a global audience. This includes the still young Travel Forum, and the Wedding Agenda, a promising tool that will be completely free and is due out in late 2006.

The C Channel network has also recently introduced The C Directories, 5 user-friendly directories of websites, blogs, online retailers and other sites categorized under thousands of differnet subjects. Only a month old, it attracts new registrations every day of eBusinesses eager to become part of The C Channel Network.

For example, in the Real Estate Category, Construction World and the Real Estate Search by City Resource Directory are 2 of the best sources for home-searchers. And if you are a new home-buyer, then our Finance category will help you find the best sources to help you with your money-matters, like TSP Talk, Ledger Services, Stocks and Mutual Funds or ChexSystems & Bad Credit Solutions. Check them out.

Lenders move to up mortgage rates

2006-08-09T12:12:00.000Z

Halifax, the UK's biggest mortgage lender, has become the latest bank to increase its mortgage rate.

The bank's standard variable rate will rise from 6.5% to 6.75%, equivalent to a £15 a month increase on a £100,000 repayment mortgage.

Earlier, Northern Rock increased its mortgage rate by 0.25%. Other banks are expected to follow suit soon.

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Second homes for students boost housing market

2006-08-09T10:30:00.000Z

House sales have been boosted by parents buying properties for their children while they were at university, new research shows today. Around 83,000 homes were bought on behalf of students last year, a 26% increase since 2000, according to the study by finance firm Direct Line.

The number of houses occupied by students was predicted to reach 100,000 by the year 2010. The so-called university effect helped increase the number of 'second properties' to 2.6 million, up from 2.3 million five years ago. Around 1.6 million of the second properties were buy-to-let, while others included holiday homes and work bases.

Andrew Lowe, head of home insurance at Direct Line said: 'The continued boom in house prices, the rise in parents buying properties for their children and the growth in tele-working are among the key drivers of the UK's buoyant second properties market.'

North leads the way as property prices keep on soaring

2006-08-08T08:05:00.000Z

Property prices rose at their strongest rate since the beginning of 2005 in the latest quarter, increased by 7.7% from a year ago, while the number of sales was up by almost a quarter, the Land Registry reports today.

The renewed strength in house prices this year is thought by economists to be a significant reason behind the Bank of England's interest rate rise last week which took the base rate up to 4.75%.

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London 'Fuelling house price boom'

2006-08-02T12:32:00.000Z

London is continuing to drive up average house prices in England and Wales despite evidence of a slow down elsewhere in the country, figures showed today. Property website Hometrack said prices rose during July by 0.6% for the fourth successive month, raising the average price of a house in England and Wales to £166,500. But the group pointed out the increase had been powered by prices in London, while the cost of property remained largely unchanged in 70% of the country. The capital's market continues to rocket with the average house price up 1% inJuly to £280,000. Elsewhere there was 0% growth in the East Midlands with property averaging £122,500 and a 0.1% rise in Yorkshire and Humberside sending prices to £125,100.

Richard Donnell, director of research at Hometrack, said: 'While the strength of the market in London continues to flatter headline results, there is clear evidence levels of house price growth and market activity are starting to slow. 'Mr Donnell said the dominant London performance was driven by demand continuing to outstrip supply with homes taking just 3.8 weeks to sell compared to 8.2 weeks in the North West. Londoners were also managing to get 96% of their asking price, whereas in Wales sellers were having to cut their losses to get 93%.

The divide between London and the rest of the country was pulled into focus by a study of postcode areas, which revealed price rises in just 31% of England and Wales last month, compared with 42% in June. Mr Donnell said: 'The survey shows there is strong market activity - such as in London - but in reality across two thirds of the country house prices remain unchanged.

First time buyers need big deposits.

2006-08-02T12:24:00.000Z

Despite sky-high house prices, first time buyers still manage to become homebuyers - and new figures from personal finance website Moneyextra.com show the sacrifices they have to make.

In June, says the website, housing demand fell because of World Cup soccer -but first time buyers who did go ahead borrowed an average £137,626 to buy ahome costing £169,600.

That required an average first income of £36,500, while 39% of households also had a second income - averaging £23,000.

Those figures mean first time buyers had an average deposit of £32,000- plus extra cash to pay for legal bills, stamp duty and extras. How did they do it, without help from Mum and Dad?

The average remortgage is interesting too: Moneyextra says applicants typically live in a £234,000 home, and have have upped their mortgage to £117,000.

10 steps to equity release

2006-07-31T12:08:00.000Z

Rising prices, such as the latest blow to household budgets from the gas and electricity companies, often hit the elderly harder than anyone else.

Many of them have to get by on fixed incomes and may be forced to dip into savings to pay their everyday bills.

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Homeloans misery looms

2006-07-21T10:02:00.000Z

The number of people struggling to pay their mortgage would hit the highest level for 15 years if a potential rise in interest rates arrives.

A report released today by lender Cheltenham and Gloucester said that a 0.25% rise in the Bank of England base rate would stretch housing affordability to its furthest point since 1991.

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Home sales pack scheme is scrapped

2006-07-19T10:44:00.000Z

Plans to introduce £1,000 home sales packs next year have been abandoned amid fears that they would destabilise the property market.

The Government said yesterday that the packs would not be made mandatory next June, as local government leaders claimed that it would be im- possible to enforce the scheme.

House sellers will not now have to provide an expensive home condition report. They will only be required to provide an energy efficiency rating, searches and title deeds, at a cost of £150 next year.

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Home buying plan 'could improve'

2006-07-17T09:39:00.000Z

The government has been told it could help another 4,000 families a year to get a foot on the property ladder. A report from the National Audit Office (NAO) said the government needs to improve the efficiency of its shared ownership home buying schemes.

Only 11,000 households were helped by the Homebuy schemes in 2004-05 even though 60,000 applied.

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New surge in house prices

2006-07-17T09:33:00.000Z

House prices surged ahead by more than £1,500 a week during the past month, as they rose at their strongest pace for nearly five years, figures showed today.

The average cost of a home in England and Wales soared by 2.9% or £6,137 during the four weeks to July 8, according to property website Rightmove.

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UK house prices go into reverse

2006-07-14T10:45:00.000Z

House prices fell unexpectedly by 1.2% in June, according to Halifax, the UK's biggest mortgage lender.

The fall in prices follows several months where the UK housing market has been very buoyant, beating economists' expectations, particularly in London.

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New homes provide good value for money

2006-07-14T10:26:00.000Z

With so many new houses and properties for sale and so many different types of mortgage, it is wise to do your homework to get the best deal when borrowing money to purchase a new property.

More from this story and other tips for buying a new home click here >>>

Home-seller packs uproar

2006-07-12T12:28:00.000Z

Ministers have ordered an urgent review of the home sellers' pack scheme after warnings it could leave the housing market in crisis.

Consultants have been called in to salvage the scheme, in which sellers face paying £1,000 to produce a dossier of information on their houses before they can be put up for sale.

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Asda To Sell Houses

2006-07-12T12:14:00.000Z

Supermarket giant Asda today launched a home selling service to rival traditional estate agents. The service, dubbed Homes@Supermarkets, will be the first time property has been sold through a supermarket, enabling people to look for a new home while they buy their groceries.

It is being piloted at 10 stores in the North East, with a view to rolling it out across the country early next year. The supermarket is charging people just 1% commission to sell their home, half the 2% average fee charged by an estate agent. It will also provide a link to a firm of solicitors and mortgage brokers, and plans to provide Home Information Packs to sellers free of charge when they are introduced in June next year, potentially saving them more than £650.

Asda has recruited 40 valuers, surveyors and estate agents to run the service. Properties for sale through the supermarket will be displayed on a computer terminal in the group's stores. People can also view details about the properties online. Both buyers and sellers can register their interest through one of theterminals or online, and they will then be contacted by a Homes@Supermarkets representative, who will arrange visits and viewings in the traditional way. The group said being able to browse houses while doing your weekly shop was one of the most convenient ways to keep an eye on the local property market.

House prices in surprise fall

2006-07-07T14:14:00.000Z

The fear of rising interest rates and the knock on effect of bigger bills and rising employment has led to the biggest monthly fall in house prices in six years.

Halifax, Britain's biggest mortgage lender, reported today that the value of the average home dropped by 1.2%, or £2,093, to £176,509. It said it was the largest monthly decrease since October 2000.

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Chronic Shortage' Of Housing For Young Families

2006-07-05T12:02:00.000Z

Young families are facing a chronic shortage of suitable housing as a result of Government planning policy, a property website claimed. SmartNewHomes.com said people with small children generally wanted semi-detached or detached properties that gave them more space, a garden and ample parking. But it said the Government's planning policy demanded that developers built high density housing, forcing them to build apartments rather than detached or semi-detached homes.

It said apartments currently made up 59% of all new homes built across the UK, compared with just 42% in 2004, and the proportion was rising. The group said the average cost of a semi-detached house had risen by 11.5% during the past year, compared with an average price increase across all types of property of just 1.3% during the same period. It said the figures suggested semi-detached homes were in demand, and warned their cost would continue to soar if this demand was not met, pricing many young families out of the market.

David Bexon, managing director of SmartNewHomes.com, said: 'It is about time the Government specifically addressed the demand for particular types of housing.'Homebuilders have increasingly less choice in the types of properties that they build and are constantly restricted by the Government's insufficient planning policy. 'The Government needs to work more closely with developers to better understand the housing demand in specific regions, in order to build homes to suit every demographic.

What do we get for our money

2006-07-03T12:58:00.000Z

With house prices the way they are it's hardly surprising that first time buyers can't afford to get their foot on the property ladder today.

This house is in Findern, Derbyshire just an example on how prices have increased over the last few years.

If you want to see how much your house was before you bought it check out this link >>>

Baby boomers priced out

2006-07-03T12:49:00.000Z

Almost a quarter of the baby boom generation do not own their own home with many of them unable to afford to buy.

New research, released today, has shown that struggling first-time buyers are not just those in their 20s and 30s, with almost half of the over-50s who are not owner-occupiers wanting to buy but priced out of the market.

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The quickest way to buy a house

2006-07-03T12:39:00.000Z

In an age when people are used to instant decisions and 24-hour service, buying a home can be a frustratingly slow process.

Househunting can be done at the tap of a mouse button, viewings are arranged by email and estate agents are competing to be available seven days a week, but once an offer is accepted the pace becomes pedestrian. From offer to completion the homebuying process takes on average eight to 12 weeks.

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Home repossessions treble

2006-06-28T14:00:00.000Z

The number of Londoners who face having their homes repossessed has trebled in five years, according to figures released today.

In 2001, just 1,854 homeowners were taken to court by banks or building societies after failing to keep up with repayments.

But by last year, that figure had risen to 6,661. Experts blamed the rise on 'irresponsible' lenders and spiralling house prices that have forced some buyers to borrow many times their annual income to secure a home.

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Finances 'Forcing many to live with parents.

2006-06-26T12:22:00.000Z

Adults are being forced to move back in with their parents due to rising houseprices and soaring levels of debt, research showed today. An estimated 4.3 million single people aged between 25 and 50 have moved back to the family home after being unable to afford to live alone, according to dating firm Parship.com.

Four out of 10 single people said high house prices meant they were unable to buy their own place, while 'unrealistic' rents on one-bedroom apartments meant they could not even afford to rent.

Others cited the amount of unsecured debt they had taken on as being the main obstacle to their independence. More than half of all singletons who live with their parents owe between £10,000 and £20,000 in unsecured debt, and 21% owe between upto £50,000 through credit cards, overdrafts and loans. The research found that just 42% of single people in the UK lived by themselves, compared with an average of 56% across Europe, rising to 81% inSwitzerland. A further 3% of single Britons admitted that financial constraints were forcing them to continue living with former partners.

Men are more likely to live at home than women, with 26% of single men livingwith their parents, compared with just 15% of women.

If you want to see just how much house prices have increased over the last few years go to >>>

A Guide for First Time Buyers

2006-06-23T13:45:00.000Z

The soaring price of property in the UK has made it more difficult for would-be first-time buyers to finance buying a home.

There’s no point searching for the house of your dreams if it’s out of your price range.

1. Raising The Funds

2. Buying New Builds

True First-Time Buyers In Decline

2006-06-23T12:55:00.000Z

Although the headline figure says 40 per cent of all sales are to first-time buyers, the real figure is closer to 20 per cent, says the Nationwide...

Would-be homeowners struggling to get a foot on the housing ladder must be a bit baffled when they read that first-time buyers (FTBs) account for 40 per cent of all housing transactions.

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Lenders try to lower the ladder

2006-06-21T09:16:00.000Z

For those rare individuals who are not busy watching the World Cup every night, now is the traditional house-buying season. But it is not only the lure of watching football in the pub that is putting off first-time buyers. Affordability problems are making increasing numbers opt to continue renting or stay at home with mum and dad.

In a recent report into young-adult home ownership in the UK, the Council of Mortgage Lenders concluded that more 'flexible' options needed to be devised by lenders and the government to help young people on to the housing ladder.

More on this story >>>

New Monopoly Game Reflects Today's House Prices

2006-06-19T13:49:00.000Z

A new version of Monopoly has been launched to reflect the changing face of property prices in the capital.

The updated board game shows cost of living change since the original game was launched more than 70 years ago, manufacturer Parker said.

Old Kent Road and Park Lane have disappeared from the new version to makespace for newcomers such as Bishopsgate and Knightsbridge.

Oxford Street is the only survivor from the original game - costing £3 million compared to the previous £300.

Parker worked with property website Rightmove.co.uk to assess property prices in a 'scientific' way. They drew up a list of two potential London landmarks for each square of the board game.

Members of the public then voted for their favourites. Wapping, Primrose Hill and Brixton Hill are three other newcomers on theboard. Kensington Palace Gardens, priced at £4 million, takes over from £400 May fair as the most expensive slot on the new board. Parker spokesman Chris Weatherhead said: 'By working with Rightmove we have taken a scientific approach to the board but I'm sure there will still be plenty of discussion around the new properties. 'Called Monopoly Here and Now, the new game takes over from a limited edition game of the same name which went on sale last summer.

Versions of the original Monopoly board game are still on sale, a spokesman added. The property market has changed tremendously since the Monopoly board was first launched and we have set out to reflect this with the new board. 'The new board game is on sale at Woolworths.

Housebuilders Look Forward To Rising Property Prices

2006-06-16T12:04:00.000Z

Finance Correspondent Housebuilders expect the price of new homes to soar by 10% during the coming 12 months as confidence returns to the property market, a survey showed today.

Seven out of 10 builders expect the cost of property to increase during the next year, according to property website SmartNewHomes.com. The group said builders' optimism followed steady increases in house prices since the start of the year, and was also a direct result of increasing demand for new homes. But it added that most housebuilders thought affordability would be the most important issue facing the new homes industry in the near future.

David Bexon, managing director of SmartNewHomes.com, said: 'Recent reports indicate that the housing market is recovering, and we hope to see a year of steady and sustainable growth ahead. 'We are very aware that affordability is an important issue, in particular for first time buyers, and I would strongly agree that the Government's competition for a £60,000 house could steer developers in the right direction, offering a more affordable solution for some buyers. 'I would also advise buyers who may be struggling to afford a new property to consider the other alternatives on offer.

One option is to consider shared equity, this is available from housing associations and some developers and helps buyers to take the first step onto the property ladder.

Choosing the right home

2006-06-09T13:32:00.000Z

Whether you're a house-buying novice taking your first tentative step on to the property ladder or an old hand seeking the perfect home for your retirement, the same principles apply.

The golden rule is that you need to achieve the right balance between affordability, availability and suitability. >>>

Housing market boom for county

2006-06-07T14:29:00.000Z

The housing market in Norfolk is continuing to boom with estate agents reporting record levels of business.

Further evidence of the county's buoyant property sector came as a national report by the Alliance and Leicester which showed that the number of people planning to buy a new home had doubled since January.

More on this story >>>

Is commercial the way ahead?

2006-06-07T13:56:00.000Z

Our love of bricks and mortar has helped to rekindle an interest in investing in commercial property such as shops, offices, factories and warehouses.

The rewards can be attractive and renegotiating a lease, getting the right tenant, or winning approval for new planning consent, can help the value of a shop or office to leap overnight.

More on this story >>>

Bag a bargain at auction

2006-06-05T14:37:00.000Z

Intrepid homebuyers are increasingly seeking to beat high house prices and snap up property going under the hammer.

Auctioneers are reporting a rapid growth in interest, both from those hoping to enter the buy-to-let market and others seeking a home to live in, mostly because Britain's massive £1 trillion consumer debt has led to an increase in home repossessions.

More on this story >>>

May house price growth 'sluggish'

2006-06-03T21:02:00.000Z

UK house price growth was "sluggish" in May, according to the latest survey from the Nationwide Building Society.

Prices rose by only 0.2% this past month, pulling back the annual rate of house price inflation from 4.8% in April to 4.7% in May. More from this story >>>

Second time-buyers stay put

2006-05-22T13:09:00.000Z

Rising house prices have left people unable to climb off the first rung of the property ladder while compounding the difficulties for first-time buyers.

A study into second-time buyers, released today, has shown that it is not just first-timers who are struggling but also those who have already bought their first home and now want to move.

More on this story >>>

Homes mini-boom set to slow

2006-05-19T13:47:00.000Z

The property mini-boom - which has delivered a half-year run of record mortgage lending - could be about to slow down, according to a report released today.

More on this story >>>

Mortgage lending falls in April

2006-05-19T12:46:00.000Z

Mortgage lending fell back in April, according to industry figuers.

The Council for Mortgage Lending said gross lending last month was £25bn - 12% lower than in March but still 16% higher than a year ago. >>>

Is buying a property abroad easier?

2006-05-17T12:06:00.000Z

Buying property abroad is more popular than ever, with increasing numbers of people following their dream in purchasing a holiday home, a buy-to-let, or moving lock, stock and barrel to the sun.

If you're planning such a move, read this interesting guide before you buy >>>

How can you save £22,000 off your mortgage?

2006-05-15T12:42:00.000Z

What could you do with £3? The options for any sum smaller than a £5 are limited nowadays and it seems that no sooner is in your pocket than it's gone.

But if you're a homeowner, for the cost of a sandwich, or a magazine, you could save yourself £22,000 in interest and pay off your mortgage three and a half years early. >>>

Lenders up the ante with bigger loans for first-time homebuyers

2006-05-15T12:32:00.000Z

Are larger home loans the only way on to the ladder, or a risk too far?

The answer to thousands of first-time buyers' dreams or yet another example of risky lending? Two leading building societies, the Yorkshire and the Newcastle, this week announced they are upping the amounts they will allow first-time buyer couples to borrow in order to help those desperate to get a foot on the property ladder. >>>

Estate Agents Should Be Liscenced

2006-05-12T10:53:00.000Z

All estate agents should be licensed to show that they are qualified and competent, an ombudsman has said.

Stephen Carr-Smith, Ombudsman for Estate Agents, said it should be made mandatory for estate agents to be licensed before they could join the profession. >>>

The House Valuations Lottery

2006-05-12T10:50:00.000Z

Estate agents are turning the whole process of selling property into a lottery by offering wildly different valuations on homes, according to a new survey.

Some agents are apparently deliberately overvaluing houses to grab the business. >>>

I Quite Like the Look of This House

2006-05-10T12:47:00.000Z

I like the look of this house which is in Chellaston, Derby, but doubt very much that I will be able to get a mortgage to buy it.

As I would like my children to go to school in Chellaston, I feel the best way these days is to move within the catchment area, which isn't always possible with todays prices.

Are You In Too Much Debt?

2006-05-10T12:38:00.000Z

Are you like me worried about your bills, and wondering whether or not you can afford to take out a mortgage?

I found this Debt Test, which helps you find out whether you have - or are likely to have - problems with your borrowing. >>>

Trap For First Time Buyers

2006-05-08T12:40:00.000Z

First Time buyers are being warned that taking out interest-only loans could cost them thousands of pounds more in the long run. The number of first-time buyers taking out interest-only mortgages has nearly doubled since 2002, and more than one in five - some 62,300 - new first-time loans are now taken out on this basis. >>>

Where to Start

2006-05-08T12:15:00.000Z

There comes a time in most people's lives when they decide to take the property plunge. Perhaps you've reached the point where you want a place of your own or perhaps you've been renting and had enough of paying someone else's mortgage. >>>

Stamp Duty to Start at £125,000

2006-05-05T14:47:00.000Z

The threshold for paying stamp duty on property purchases will rise by £5,000 to £125,000, costing the government £40m in forgone tax this coming year.

The move keeps the lowest rate of stamp duty at 1% - but covering properties worth between £125,000 and £250,000. >>>

Dealing with Estate Agents

2006-05-05T11:14:00.000Z

Dealing with estate agents can be an intimidating experience for the first-time buyer. BBC News offers a brief guide to what rights homebuyers have in England, Wales and Northern Ireland.

What is gazumping, and why can I be gazumped? >>>

Selling a Home? Slash your Solicitors Fees!

2006-05-03T10:27:00.000Z

How much should you pay for a solicitor when you sell your home? This week Guardian Money reporter sold his home and his first conveyancing quote from a local solicitor was for £1,050. So we went in search of a better deal - and found that with careful hunting, you can cut the cost of conveyancing in half. >>>

Asda Takes on Estate Agents

2006-04-28T10:38:00.000Z

Shoppers can add another item to their list when out for groceries – a new home – after supermarket giant Asda announced plans to take on estate agents.

Asda is launching an in-store home-selling scheme with plans to undercut estate agents' fees and include free versions of the controversial home information packs, which will become obligatory next year. >>>

Cheap Homes 'A Right'

2006-04-28T09:56:00.000Z

Affordable housing should be a basic human right for everyone in the European Union, an all-party report of MEPs believes.

The group has published a European Charter for Housing, pushing for a common EU policy to promote improved standards of homes at manageable prices. >>>

Buying a Property

2006-04-28T09:19:00.000Z

Some great advice for first-time buyers, on viewing, putting in an offer and the dangers of gazumping. Judging by the headlines, you could be forgiven for thinking it's all doom and gloom for today's first-time buyers. But there are ways to make it more affordable, such as buying with a partner or friends. >>>

Property Pick

2006-04-26T15:04:00.000Z

With todays house prices it's hardly surprising that first time buyers like myself find it difficult to get onto the property ladder, there are lots of houses for sale in Derbyshire but can we get a mortgage for the kind of property we like these days, not really. So like many first time buyers, we are looking for a house in an area that we don't even really want to live in, but that is mainly because you don't get a lot for your money these days.

Anyway here is my property pick for this week.

Costs Hit First-Buyers Home Buyers Hard

2006-04-26T08:39:00.000Z

The costs associated with buying a first home have risen by 94% in six years, with increases in house prices and other charges hitting first-time buyers hard. >>>

Open Day in Somerset

2006-04-24T08:53:00.000Z

Over 300 local people attended the open day at South Somerset Homes to find out more about home ownership.

This included shared ownership which is very simply a ‘stepping stone’ between renting and owning your own home basis. >>>

More Backlands Homes on the Way

2006-04-24T08:42:00.000Z

Picturesque areas of Lichfield are once again under threat from the advance of infill property development, it has been claimed. >>>

Havelok Helping People on the Homes Ladder

2006-04-21T15:00:00.000Z

Nearly 100 new homes are being planned for North East Lincolnshire in an £8-million development proposal. >>>

Buying Your First Home

2006-04-21T14:45:00.000Z

Buying a home is most people's biggest financial commitment. It can be time-consuming, expensive and frustrating. To make matters worse, horror stories abound of gazumping, duff surveys and rogue estate agents. >>>

House Building Plans Spark Controversy

2006-04-21T13:30:00.000Z

Plans to build ten homes in a Westcountry city have
sparked controversy. >>>

Home Loans Sustain Record Levels

2006-04-21T12:29:00.001Z

The spring property boom helped mortgage lending soar to a new high according to figures released today. >>>>

Hot Property of the Week

2006-04-21T12:18:00.000Z

Here is a nice 3 bedroomed house for sale.

3 Bedroomed Semi-Detatched house for sale in Sunnyhill, Derby

Staunton Avenue, Sunnyhill, Derby £136,950

Click here for more information on this property>>

For more properties for sale in and around Derbyshire Click here >>